Chicago Sun-Times sold

The deal to acquire Chicago's No. 2 newspaper is done.

Sun-Times Media Chairman Jeremy Halbreich confirmed Wednesday evening that a new company led by Chicago technology entrepreneur Michael Ferro and media executive Timothy Knight has entered into a definitive agreement with Sun-Times Media Holdings to acquire the media company's properties.

The acquisition by Wrapports LLC includes Chicago-area daily newspapers, weekly newspapers and more than 40 websites. The transaction, which is valued at more than $20 million, is expected to close by year's end.

Knight, the former publisher and CEO of Newsday, which was once controlled by Chicago-based Tribune Co., will take the reins as CEO upon closing, news first reported by the Tribune in Wednesday's editions.

"It's a very exciting opportunity," Knight said Wednesday night. "The Sun-Times properties across all of Chicagoland are very strong brands in their markets, have deep commitments to their communities and provide a great platform for us to build our technology-enabled content business."

While the flagship paper will remain an integral part of the company, the primary emphasis for the Sun-Times going forward will be on evolving its digital strategy, Knight said.

"The paper is still a very important part of the portfolio, but we know that consumers want information where, when and how they want it, and we want to be there to serve that need," he said. "We expect over time to develop unique content portals that really serve the needs of our communities and provide our advertising partners with different products and services to help them grow their business."

CEO Jeremy Halbreich, who joined the company in 2009 as chairman and interim CEO, successfully guided it out of bankruptcy. He will step down as CEO after Christmas, a role he assumed after the death of James Tyree in March. Halbreich said that while the paper was never officially for sale, successfully transitioning the company was always in the back of his mind.

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